16-04-2016

Maritime Summit Sees Several New Projects Taking Off On Day 1

MIS16

During the Day 1 at Maritime India Summit in Mumbai yesterday, 22 agreements entailing investments of around Rs 31000 crs were signed in the presence of Shri Nitin Gadkari, Minister of Shipping, Road Transport and Highways. In addition, several other projects were signed between contracting parties. 

In all, nearly 140 MoUs/ Business Agreements will be signed over two days by various players in maritime sector including Ports, Maritime States and PSUs like Shipping Corporation of India, Cochin Shipyard Limited, Inland Waterways Authority of India etc. Collectively, these projects entail investments of more than US $ 12 bn or Rs 83000 crores. Projects cover vast spectrum of activities including port development and modernisation, development of inland waterways, ship building, setting up of LNG terminals and power plants. 

One significant MOU signed relates to establishment of a Greenfield port at Vadhavan, Maharashtra. Phase I of the project will cost around Rs 9167 crores. Shareholders’ agreement for the project was signed between JNPT and Maharashtra Maritime Board. Once completed the new port will allow large size ships to enter Indian waters and will also help decongest JNPT and Mumbai Port. 

In another landmark development, Government of Andhra Pradesh entered into a MoU in the presence of Sh. N Chandrababu Naidu, Chief Minister of Andhra Pradesh. The MoU was signed with Inland Waterways Authority of India for development of National Waterway 4 at an estimated cost of around Rs 3000 crs. National Waterway 4 passes through Andhra Pradesh, Tamil Nadu and Puducherry. Once developed, this waterway will help take off roads significant portion of cargo traffic. 

Petronet LNG has signed a MoU with Inland Waterways Authority of India to facilitate greater use of LNG in inland water transport thereby reducing carbon footprint. Cochin Shipyard Limited has entered into an agreement with Samsung Heavy Industries to formalise technical cooperation for building LNG ships in India. This will also be first of kind in the country. 

Gujarat Maritime Board has collaborated with IL&FS to develop a Maritime Services Cluster at GIFT City, Gandhinagar. The proposed cluster will provide all services related to maritime sector and will be the first such initiative in the country. 

Adani group has announced plans to invest around Rs 28000 crs over next five years in various projects. Representative of Adani Ports & SEZ said that the Group would invest in new ports in Odisha and Gujarat. JSW Group owned by Jindals has also proposed to invest around Rs 10000 crs over a span of 5 years. 

Source: http://pib.nic.in/newsite/pmreleases.aspx?mincode=46

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